Kotak Mahindra Bank in a regulatory filing said Uday Kotak has ceased to be the Managing Director & CEO of the Bank, with effect from September 1, 2023 on account of his resignation considered by the Bank’s Board.
The firm further said that as an interim arrangement, Dipak Gupta, the Joint Managing Director, will carry out the duties of the Managing Director & CEO until December 31, 2023, subject to the approval of the Reserve Bank of India and the members of the bank.
Post the announcement Uday Kotak took to X and wrote:
“Succession at Kotak Mahindra Bank has been foremost on my mind, since our Chairman, myself and Joint MD are all required to step down by year end. I am keen to ensure smooth transition by sequencing these departures. I initiate this process now and step down voluntarily as CEO.
The bank awaits RBI approval of the proposed successor. In the interim, my dear colleague Dipak Gupta – currently Joint MD, will function as MD & CEO, subject to approvals.
As Founder, I am deeply attached to brand Kotak and will continue to serve the institution as Non-Executive Director and significant shareholder. We have an outstanding management team to carry the legacy forward. Founders go away, but the institution flourishes into perpetuity.
A long time ago, I saw names like JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. It is with this dream that I started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream.
We are now a pre-eminent bank & financial institution, created on the basic tenets of trust and transparency. We have created value for our stakeholders and provide over 1 lakh direct jobs. An investment of ₹10,000 with us in 1985 would be worth around ₹ 300 cr today.
I am confident that this Indian owned institution will continue to play an even more important role in India’s transformation into a social and economic powerhouse.”